JPMorgan’s New Platform Set to Transform FX Settlements With Blockchain
After nearly ten years of exploring blockchain, JPMorgan’s Onyx platform is now processing over $2 billion in transactions daily.
With payment volumes expanding tenfold year-over-year, the bank is rebranding Onyx as Kinexys to accelerate the adoption of blockchain technology and tokenization within mainstream financial services.
Kinexys will integrate JP Morgan FX Services for on-chain foreign exchange settlement, initially with USD and EUR, with plans to add more currencies.
This integration will enable nearly instantaneous FX transactions and settlements, with the first phase expected in Q1 2025.
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The move aims to reduce settlement risk and increase the speed of trade execution while laying the foundation for future 24/7 automation of multicurrency clearing and settlement based on client preferences.
Additionally, JPMorgan has unveiled a new Proof of Concept showcasing on-chain privacy, identity, and composability within financial ecosystems.
Umar Farooq, co-head of JP Morgan Payments, highlighted the initiative’s potential to transcend legacy systems, foster interoperability, and push the boundaries of current financial infrastructure.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
